Naver Lowers Advance Settlement Fees for Small and Medium Merchants... Industry's Lowest Level

Choi In-hyuk, CEO of Naver Financial

[Asia Economy Reporter Buaeri] Naver Financial announced on the 28th that it will reduce the fee for its settlement service for small and medium-sized enterprises (SMEs), 'Quick Escrow,' from 0.015% per day to 0.013% per day. This is the lowest rate in the industry.

Quick Escrow is a service launched in April last year by Naver Financial in partnership with Mirae Asset Capital to help Smart Store sellers with cash flow. It purchases sales receivables from businesses with a monthly transaction amount of over 3 million KRW and advances up to 80% of the funds in advance.

By using this service, sellers in the marketplace can receive payment the day after shipping their products.

The fee is charged per sales payment during the advance settlement period. For example, for an advance settlement of 1 million KRW, the fee is 130 KRW per day.

Sellers who wish to use the service can apply directly through the Quick Escrow menu, which is displayed on the 2nd of every month in the Settlement Management category within the Smart Store Center.

Naver Financial also plans to introduce a 'Fast Settlement Service' that settles payments within 5 to 6 days after payment completion within this year.

A Naver Financial official stated, "We plan to continue providing innovative financial services for SMEs, who are the most important partners in business and the foundation of social growth, as well as for thin-filers who have no financial usage history and find it difficult to access financial services."

This content was produced with the assistance of AI translation services.